This speculation comes in response to a recent transfer of $2 billion worth of Bitcoin, previously seized from the Silk Road marketplace, into two new government-controlled wallets.
This transfer occurred two days after former President Donald Trump made headlines at the Bitcoin Conference 2024 with his proposal to use Bitcoin as a strategic reserve if he were to return to office. Trump’s announcement was seen as a major shift in U.S. policy towards cryptocurrencies, hinting at a significant role for Bitcoin in the country’s financial strategy.
Schiff views the government’s move as a strategic response to Trump’s proposal. He believes the Biden administration may aim to liquidate the Bitcoin holdings before a possible Trump presidency could implement his reserve plan. Schiff argues that Trump would have kept his Bitcoin reserve plans secret to avoid provoking the current administration.
However, Bloomberg analyst James Seyffart has suggested that the Bitcoin transfer might be related to a deal between the U.S. Marshals Service and Coinbase. This adds another layer to the ongoing discussion about the relationship between government actions and cryptocurrency.